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Submitted by BunanCheese on October 13, 2007
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ECONOMIC BARRIERS TO TRADE
In this chapter we will discuss economic barriers to foreign trade in great detail. Physical and technical barriers are discussed in lesser detail.
I. Economic Barriers
Economic barriers to trade consist of the economic structure of a foreign country, its foreign trade policies and strategies, exchange rate regime as well as its macroeconomic policies.
A) The economic structure: This refers to the sectoral allocation of resources, its production, distribution and transportation system, its infrastructure as well as consumption patterns. The economic structure of a country can present an obstacle to imports in a number of different ways. Countries with large internal markets are more likely to have a production system with a high degree of `home bias' (former Soviet Union, India and China before the 1980s, United States in the second half of 19th century and early 20th century). As the size of population and income are two significant determinants of the strength of the internal market, countries with large populations and high GNP have a greater absorption rate for domestically produced goods. Of course another point about a large country is the geographical expanse of the country: a large country is more likely to be self-sufficient in raw material. Another factor is the stage of development of a country. A large country in early stages of its development will tend to produce a sizable portion of its output internally (for instance through the government's pursuit of import-substitution industrialization). Imports are limited to raw materials not producible at home and manufactured goods for which the technology is not available in the country. At a higher stage of development, benefits of specialization become more apparent as the economy matures to a point where several sectors will become internationally competitive while the remaining sectors will exhibit inefficiencies. USA,...
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